Demetriou's Ohio Blockchain Basics Act Passes House Vote

COLUMBUS—State Representative Steve Demetriou (R-Bainbridge Twp.) announced the passage of the Ohio Blockchain Basics Act Wednesday, with bipartisan support. 

House Bill 116 has two main focuses of ensuring digital asset owners can easily use their digital currency to pay for goods and services in Ohio and protecting digital asset mining businesses from discriminatory government overreach.

“Blockchain is a newly evolving technology and it’s important to create some regulatory guidelines while at the same time keeping the laws open for innovation,” said Demetriou. “As digital commerce and privacy become even more important in the lives of Ohioans, its crucial to ensure that the blockchain and digital asset industries can thrive not just anywhere, but here in the Buckeye State.”

To ensure Ohioans can use their digital assets, the Ohio Blockchain Basics Act will prohibit local governments from charging additional taxes or fees on an individual using digital currency to pay for legal goods or services. Transactions under $200 would also be exempt from capital gains tax. 

The Ohio Blockchain Basics Act will now head to the Senate for further consideration.